3Q results: performing while transforming

Release date:

27 October 2020

Here’s our quick guide to the key facts and figures in bp’s latest quarterly results

“Having set out our new strategy in detail, our priority is execution and, despite a challenging environment, we are doing just that. Major projects are coming online, our consumer-facing businesses are really delivering, and we remain firmly focused on cost and capital discipline.”

Bernard Looney, chief executive officer

“I’m incredibly proud of our team – they are at the operational heart of bp, dedicated to producing the affordable hydrocarbon energy and products the world needs – safely, cleanly and efficiently.”

Gordon Birrell, EVP of production & operations

Resilient and focused hydrocarbons in action

A socially distanced tool box talk in front of gas processing train 3 during construction of the Ghazeer tight gas project in Oman, which started up in October. Production capacity from Block 61 is now expected to rise to 1.5 billion cubic feet per day of gas and more than 65,000 barrels per day of associated condensate

Installing equipment for Atlantis Phase 3 (ATP3), a subsea tie-back to the Atlantis platform in the US Gulf of Mexico, which started up in August. Located 150 miles south of New Orleans, ATP3 is expected to increase production by approximately 36,000 boe/d at its peak

In October, the Glen Lyon floating production, storage and offloading (FPSO) vessel achieved zero routine flaring for the first time following the successful commissioning of its flare gas recovery (FGR) system. Before the FGR was operational, Glen Lyon – located 175 kilometres west of Shetland in the UK North Sea – would send around 25 tonnes of gas to be flared every day

“We have strong businesses today. They have scale and they are growing. They are delivering cash and strong returns. And we see more growth to come. In the next decade, we aim to nearly double our earnings.”

Emma Delaney, EVP of customers & products

Installing bp Chargemaster super-fast chargers

Watch bp Chargemaster 150kW ultra-fast EV chargers being installed on a bp retail site

“We are confident that we can deliver returns of 8 to 10% from our renewables businesses. In Lightsource bp, for example, we are already seeing project returns consistently towards the higher end of this range.”

Dev Sanyal, EVP of gas & low carbon energy

Building a Lightsource bp solar project in Spain

Project Vendimia in Amochuel, Spain, comprises five solar sites totalling 247MW

A drilling machine makes perforations in hard ground ready for the frames of the solar panels to be pile-driven into the ground

Trenches are dug and the electrical wires are safely buried underground

Panels are fitted to the frames which are laid out in evenly-spaced rows

The solar panels at the Vendimia project are erected on trackers that allow them to follow the course of the sun

Quality control – panels are checked before installation to ensure none are damaged or faulty

The majority of Lightsource bp solar projects currently under construction use bifacial technology, which captures energy from the sun on both sides of the panel

The project involves the constructions of an electricity substation and two transformers

Two high-voltage transmission lines were erected to connect the site to the grid. At 18km and 20km, these are among the longest connections for Lightsource bp

The project is expected to begin commercial operations in Q1 2021